OFX vs. TransferWise: Who has the cheapest rates & fees? | finder.com
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OFX vs. TransferWise money transfers

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Get your cash where it needs to go in one to two days with no fees.

OFX has been in the money transfer business for 17 years. It serves a diverse range of needs for people and businesses managing payments abroad, offering strong exchange rates and charging no transfer fees for transfers of $1,000 or more.

Established in 2011, TransferWise uses peer-to-peer technology to match users looking to send money in one currency with customers in other countries looking to receive the same money. So if you need to get pounds to someone in the UK, TransferWise will find someone in the UK looking to send dollars to the US, essentially swapping your funds.

ofx transferwise
OFX TransferWise
Fees $0 with a minimum transfer of $1,000 From 0.5% to 1.5% of your transaction
Exchange rates 0.4% above the mid-market rate Mid-market rate
Speed 1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient 1–4 days
Max Transfer Amount No limit Private individual – $49,999 per day and $199,999 per year
Business – $199,999 per day and $1,000,000 per year

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OFX and TransferWise: How they work

To use either OFX or TransferWise, you’ll need to create a free account, but it’s easy to set one up as part of your transfer. With TransferWise, you can also sign in with an existing Google+, Facebook or PayPal account.

With OFX, you go to its site, enter how much money you’re transferring and send your funds to an OFX account. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.

For TransferWise, you go to its site, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, money is pulled from your bank account and matched to a sender.

Who offers lower fees?

TransferWise

With TransferWise, fees depend on where and how you’re sending money. They range from 0.5% to 1.5% of your transaction — and sometimes a bit higher, depending on the currency you’re transferring to. To send $1,000 to China, you’ll pay 1.5% of your transaction (or $15); to the Philippines, the fee drops to 1% ($10). You can easily find out what you’ll pay by visiting its “How much does TransferWise cost?” page.

Get exclusive exchange rates with with OFX

Because OFX is a trusted partner of finder.com, you can enjoy strong, exclusive exchange rates when you initiate a transfer through our site.

  • Winner: OFX

TransferWise’s fees are among the lowest in the industry. But OFX’s transparency and $0 fees for all transfers make it the clear winner.

Who offers better exchange rates?

To understand who offers better exchange rates, you need to first look at the mid-market rate. The mid-market rate is the average of the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.

We’ll look at the rates OFX and TransferWise offer compared to the mid-market rate.

OFX

A typical exchange rate at OFX is about 0.4% above the mid-market rate — a competitive rate any way you look at it.

So if you need to send $1,000 to the Philippines:

  • If the mid-market rate is 1 USD = 49.74 PHP
  • OFX’s exchange rate could be 1 USD = 48.88 PHP

TransferWise

Exchange rates is where TransferWise shines. It’s one of the only money transfer services that offers you the mid-market rate. So if you’re sending $1,000 to the Philippines and the mid-market rate is 1 USD = 0.82 EUR, that’s the rate you’re going to get.

  • Winner: TransferWise

Though OFX and TransferWise offer similar competitive rates, there’s no denying the power of paying the mid-market rate.

Sending $1,000 to Mexico

Say you want to send $1,000 to buy office equipment for a business expansion in Mexico City. Here’s what an online bank-to-bank transfer would look like with OFX and TransferWise.

OFXTransferWise
Transfer fee$0$9.90
Exchange rate1 USD = 21.525 MXN1 USD = 21.529 MXN
Transfer speedUp to 4 business days (1–2 to OFX, 1–2 to recipient)1–4 days
Total received21,525 MXN21,529 MXN

This one is a close call. While you could shave some time off the transfer speed with TransferWise, you save nearly $10 on the transfer fee alone by going with OFX. The difference between exchange rates, however, is too minimal to weigh.

Who’s faster?

OFX

To transfer your money to OFX, it takes one to two business days. It takes another one to two days to send that money from OFX to your recipient. You’re looking at least two business days to complete a transaction from send to receipt.

TransferWise

Depending on the currencies involved and your payment method, it could take up to four business days for your recipient to see your cash.

  • Winner: Tie

Your average transfer may take about the same time with both services.

Who offers more options?

Providers Payment Methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
OFX Electronic funds transfer (EFT) $1,000 minimum; no maximum Bank transfer 1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient 190+ countries (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)
TransferWise Bank account $1 minimum; $36,000 maximum Bank account 1–4 days Nearly 40 currencies

Bottom line

When it comes to international money transfers, both OFX and TransferWise are forces to be reckoned with. It’s too close to call which is better for your situation. Ultimately, you’ll need to weigh your specific details or compare further options to find the service that’s right for you.

Frequently asked questions

See how OFX and TransferWise compare to other money transfer companies

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$0 3 - 5 days USD 0.00 18.985 MXN 94,927 Transfer up to $500,000 with no minimums and no fees. Go to site Show details
USD 1,000 1 day USD 0.00 19.081 MXN 95,407 Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for 100+ currencies.
Go to site Show details
USD 1 Within an hour USD 3.99 19.043 MXN 95,139 Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 1 3 - 5 days USD 75.00 19.216 MXN
94,638
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 20 Same day - - Send your first transfer for free with code NOFEEFINDER Go to site Show details

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US International Money Transfers Offers

Important Information*
XE International Money Transfers

With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators, while benefiting from $0 transfer fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer at no fee to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

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TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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